InvestMacro

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday May 30th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Gold & Steel

The COT metals markets speculator bets were lower this week as two out of the six metals markets we cover had higher positioning while the other four markets had lower speculator contracts.

Leading the gains for the metals was Gold (8,584 contracts) with Steel (12 contracts) also having a positive week.

The markets with declines in speculator bets for the week were Copper (-5,894 contracts), Silver (-834 contracts), Palladium (-761 contracts) and Platinum (-4,073 contracts) also registering lower bets on the week.

Copper Speculators added to their bearish positions for 167-week low

Highlighting the COT metals data this week is the continued slide for the Copper speculative positions.

The large speculator position in Copper futures fell by -5,894 contracts this week and have now declined in five out of the past six weeks. The decrease in Copper bets has taken the current net contracts from a standing of +8,934 contracts on April 18th to a total of -35,702 contracts this week for an overall 6-week decline by -44,636 contracts.

This week’s standing marks the most bearish level of the past 167-weeks, dating back to March 17th of 2020 when bearish positions were -38,055 contracts.

Copper prices have been on the decline since last year with prices down by a little over 25 percent since the highs of March 2022. Recent weakness in China’s economy is continuing to weigh on Copper’s outlook. The futures price closed higher this week at $3.72 and bounced off the 200-week moving average which coincides with a $3.65 support level. Futures prices had fallen in five out of the previous six weeks before this week’s slight rebound.

Strength Scores led by Platinum & Steel

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Platinum (70 percent) and Steel (58 percent) lead the metals markets this week.  comes in as the next highest in the weekly strength scores.

On the downside, Copper (0 percent) and Palladium (10 percent) come in at the lowest strength level currently and are in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Gold (51.6 percent) vs Gold previous week (47.8 percent)
Silver (48.4 percent) vs Silver previous week (49.6 percent)
Copper (0.0 percent) vs Copper previous week (5.1 percent)
Platinum (69.6 percent) vs Platinum previous week (79.0 percent)
Palladium (9.7 percent) vs Palladium previous week (16.7 percent)
Steel (57.8 percent) vs Palladium previous week (57.8 percent)

Platinum & Steel top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Platinum (-2 percent) and Steel (-2 percent) are the leaders over the past six weeks trends for metals.

Copper (-39 percent) leads the downside trend scores currently with Gold (-9 percent) as the next market with lower trend scores.

Move Statistics:
Gold (-9.1 percent) vs Gold previous week (-14.1 percent)
Silver (-7.8 percent) vs Silver previous week (-2.5 percent)
Copper (-38.6 percent) vs Copper previous week (-22.0 percent)
Platinum (-2.1 percent) vs Platinum previous week (32.6 percent)
Palladium (-3.8 percent) vs Palladium previous week (16.5 percent)
Steel (-1.5 percent) vs Steel previous week (-0.6 percent)

Individual Markets:

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week recorded a net position of 169,316 contracts in the data reported through Tuesday. This was a weekly gain of 8,584 contracts from the previous week which had a total of 160,732 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 51.6 percent. The commercials are Bullish with a score of 50.6 percent and the small traders (not shown in chart) are Bearish with a score of 31.8 percent.

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week recorded a net position of 21,124 contracts in the data reported through Tuesday. This was a weekly fall of -834 contracts from the previous week which had a total of 21,958 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 48.4 percent. The commercials are Bullish with a score of 52.1 percent and the small traders (not shown in chart) are Bearish with a score of 40.9 percent.

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week recorded a net position of -35,702 contracts in the data reported through Tuesday. This was a weekly lowering of -5,894 contracts from the previous week which had a total of -29,808 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 0.0 percent. The commercials are Bullish-Extreme with a score of 100.0 percent and the small traders (not shown in chart) are Bearish with a score of 27.6 percent.

Platinum Futures:

The Platinum Futures large speculator standing this week recorded a net position of 23,406 contracts in the data reported through Tuesday. This was a weekly decrease of -4,073 contracts from the previous week which had a total of 27,479 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 69.6 percent. The commercials are Bearish with a score of 35.6 percent and the small traders (not shown in chart) are Bearish with a score of 29.3 percent.

Palladium Futures:

The Palladium Futures large speculator standing this week recorded a net position of -6,050 contracts in the data reported through Tuesday. This was a weekly decline of -761 contracts from the previous week which had a total of -5,289 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 9.7 percent. The commercials are Bullish-Extreme with a score of 91.5 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 16.3 percent.

Steel Futures Futures:

The Steel Futures large speculator standing this week recorded a net position of -5,299 contracts in the data reported through Tuesday. This was a weekly increase of 12 contracts from the previous week which had a total of -5,311 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 57.8 percent. The commercials are Bearish with a score of 42.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 5.4 percent.

Article By InvestMacro – Receive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday May 23rd and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Copper & Platinum

The COT metals markets speculator bets were lower this week as two out of the six metals markets we cover had higher positioning while the other four markets had lower speculator contracts.

Leading the gains for the metals was Copper (2,799 contracts) with Platinum (1,656 contracts) also showing positive weeks.

The markets with declines in speculator bets for the week were Gold (-19,082 contracts), Silver (-1,857 contracts), Steel (-891 contracts) and Palladium (-373 contracts).

Highlights of this week’s positions:

The largest mover of the week this week was the Gold speculative position. The large speculative position of Gold futures fell by over -19,000 contracts this week following a decline by -16,000 contracts last week. These declines have not taken much off the overall net position that has been trending higher since late in 2022 and recently reaching an approximate 1-year high of +195,814 contracts on May 9th. Gold prices have been strong lately as well with Gold futures prices reaching their highest levels since 2020 at over $2,000 in early May.

Copper speculator bets rebounded a bit this week after dropping for four weeks in a row and for six out of the past seven weeks. Copper positions have been dented by less than expected economic activity out of China and last week the Copper speculator positions dropped to the most bearish level in the past 165-weeks. Copper prices have also been on the downtrend since last year and have fallen approximately 25 percent from the highs of March 2022.

The Platinum speculative position continues to increase higher and has risen in six out of the past nine weeks. Platinum fundamentals have been boosted with car manufacturers starting to use more Platinum in their products, especially in electric vehicles. The futures price fell this week but has been in an uptrend since bottoming in September and recently touched its highest level in over a year at $1148.90 in late-April.

Strength Scores led by Platinum & Steel

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Platinum (79 percent) and Steel (58 percent) lead the metals markets this week. Silver (50 percent) comes in as the next highest in the weekly strength scores.

On the downside, Copper (2 percent) and Palladium (17 percent) come in at the lowest strength levels currently and are in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Gold (47.8 percent) vs Gold previous week (56.2 percent)
Silver (49.6 percent) vs Silver previous week (52.2 percent)
Copper (2.5 percent) vs Copper previous week (0.0 percent)
Platinum (79.0 percent) vs Platinum previous week (75.2 percent)
Palladium (16.7 percent) vs Palladium previous week (20.1 percent)
Steel (57.8 percent) vs Palladium previous week (60.4 percent)

Platinum & Palladium top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Platinum (33 percent) and Palladium (16 percent) lead the past six weeks trends for metals.

Copper (-23 percent) leads the downside trend scores currently with Gold (-14 percent) as the next market with lower trend scores.

Move Statistics:
Gold (-14.1 percent) vs Gold previous week (-6.8 percent)
Silver (-2.5 percent) vs Silver previous week (3.6 percent)
Copper (-22.6 percent) vs Copper previous week (-26.3 percent)
Platinum (32.6 percent) vs Platinum previous week (24.0 percent)
Palladium (16.5 percent) vs Palladium previous week (16.0 percent)
Steel (-0.6 percent) vs Steel previous week (-0.8 percent)

Individual Markets:

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week equaled a net position of 160,732 contracts in the data reported through Tuesday. This was a weekly decline of -19,082 contracts from the previous week which had a total of 179,814 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 47.8 percent. The commercials are Bullish with a score of 51.7 percent and the small traders (not shown in chart) are Bearish with a score of 45.9 percent.

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week equaled a net position of 21,958 contracts in the data reported through Tuesday. This was a weekly lowering of -1,857 contracts from the previous week which had a total of 23,815 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 49.6 percent. The commercials are Bullish with a score of 51.5 percent and the small traders (not shown in chart) are Bearish with a score of 38.7 percent.

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week equaled a net position of -29,808 contracts in the data reported through Tuesday. This was a weekly boost of 2,799 contracts from the previous week which had a total of -32,607 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 2.5 percent. The commercials are Bullish-Extreme with a score of 96.7 percent and the small traders (not shown in chart) are Bearish with a score of 33.1 percent.

Platinum Futures:

The Platinum Futures large speculator standing this week equaled a net position of 27,479 contracts in the data reported through Tuesday. This was a weekly increase of 1,656 contracts from the previous week which had a total of 25,823 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 79.0 percent. The commercials are Bearish with a score of 27.0 percent and the small traders (not shown in chart) are Bearish with a score of 30.8 percent.

Palladium Futures:

The Palladium Futures large speculator standing this week equaled a net position of -5,289 contracts in the data reported through Tuesday. This was a weekly decrease of -373 contracts from the previous week which had a total of -4,916 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 16.7 percent. The commercials are Bullish-Extreme with a score of 84.7 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 18.9 percent.

Steel Futures Futures:

The Steel Futures large speculator standing this week equaled a net position of -5,311 contracts in the data reported through Tuesday. This was a weekly fall of -891 contracts from the previous week which had a total of -4,420 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 57.8 percent. The commercials are Bearish with a score of 42.9 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 0.0 percent.

Article By InvestMacro – Receive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday May 16th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Palladium & Silver

The COT metals markets speculator bets were lower this week as one out of the six metals markets we cover had higher positioning while the other five markets had lower speculator contracts.

Leading the gains for the metals this week was Palladium with a gain of 731 contracts.

The markets with declines in speculator bets for the week were Gold (-16,000 contracts), Silver (-8,545 contracts), Copper (-7,742 contracts), Steel (-524 contracts) and Platinum (-2,261 contracts) also registering lower bets on the week.

Palladium speculators trim their bearish bets for 2nd week as sentiment & prices improve

Highlighting the COT metals data this week is the improvement in bets for the Palladium speculative positions. Palladium was the only metal with a gain in speculator bets this week and has now risen for two straight weeks. Palladium has also gained in three out of the past five weeks. The current net speculator position of -4,916 contracts is the least bearish standing out of the past fourteen weeks.

The speculator positioning has been improving for Palladium as the strength index score (speculator positioning range of past three years) came out of a bearish extreme position this week for the first time since February 7th. Palladium’s strength index has improved by 16 percentage points over the past six weeks.

Fundamentally, the outlook for Palladium has taken a hit with car manufacturers looking to use Platinum instead of Palladium for parts, especially in electric cars. Despite the pullback from manufacturers, recent reports have shown the both Platinum and Palladium supply will be in deficits this year, possibly putting a floor under prices.

Palladium prices have bounced off of a major support level at $1,400 in recent weeks and closed this week above $1,520. Palladium raced as high as $3,425 in March of 2022 before dropping sharply into a downtrend that has extended into this year. Palladium bulls hope that the recent drop to $1,333 in March marks a new bottom as it coincides with the 2020 pandemic low-point as well.

Strength Scores led by Platinum & Steel

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Platinum (75 percent) and Steel (60 percent) lead the metals markets this week. Copper (0 percent) comes in as the next highest in the weekly strength scores.

On the downside, Palladium (20 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength score was Silver (52 percent).

Strength Statistics:
Gold (56.2 percent) vs Gold previous week (63.3 percent)
Silver (52.2 percent) vs Silver previous week (64.4 percent)
Copper (0.0 percent) vs Copper previous week (6.9 percent)
Platinum (75.2 percent) vs Platinum previous week (80.4 percent)
Palladium (20.1 percent) vs Palladium previous week (13.4 percent)
Steel (60.4 percent) vs Palladium previous week (61.9 percent)

Platinum & Palladium top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Platinum (24 percent) and Palladium (16 percent) lead the past six weeks trends for metals. Gold (-7 percent) is the next highest positive mover in the latest trends data.

Steel (-1 percent) leads the downside trend scores currently with Copper (-26 percent) as the next market with lower trend scores.

Move Statistics:
Gold (-6.8 percent) vs Gold previous week (6.2 percent)
Silver (3.6 percent) vs Silver previous week (27.1 percent)
Copper (-26.3 percent) vs Copper previous week (-20.7 percent)
Platinum (24.0 percent) vs Platinum previous week (40.9 percent)
Palladium (16.0 percent) vs Palladium previous week (10.3 percent)
Steel (-0.8 percent) vs Steel previous week (3.9 percent)

Individual Markets:

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week equaled a net position of 179,814 contracts in the data reported through Tuesday. This was a weekly decrease of -16,000 contracts from the previous week which had a total of 195,814 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 56.2 percent. The commercials are Bearish with a score of 42.3 percent and the small traders (not shown in chart) are Bullish with a score of 59.6 percent.

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week equaled a net position of 23,815 contracts in the data reported through Tuesday. This was a weekly reduction of -8,545 contracts from the previous week which had a total of 32,360 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 52.2 percent. The commercials are Bearish with a score of 49.0 percent and the small traders (not shown in chart) are Bearish with a score of 40.0 percent.

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week equaled a net position of -32,607 contracts in the data reported through Tuesday. This was a weekly decrease of -7,742 contracts from the previous week which had a total of -24,865 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 0.0 percent. The commercials are Bullish-Extreme with a score of 97.8 percent and the small traders (not shown in chart) are Bearish with a score of 43.2 percent.

Platinum Futures:

The Platinum Futures large speculator standing this week equaled a net position of 25,823 contracts in the data reported through Tuesday. This was a weekly fall of -2,261 contracts from the previous week which had a total of 28,084 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 75.2 percent. The commercials are Bearish with a score of 30.6 percent and the small traders (not shown in chart) are Bearish with a score of 29.5 percent.

Palladium Futures:

The Palladium Futures large speculator standing this week equaled a net position of -4,916 contracts in the data reported through Tuesday. This was a weekly advance of 731 contracts from the previous week which had a total of -5,647 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 20.1 percent. The commercials are Bullish-Extreme with a score of 82.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 13.3 percent.

Steel Futures Futures:

The Steel Futures large speculator standing this week equaled a net position of -4,420 contracts in the data reported through Tuesday. This was a weekly decrease of -524 contracts from the previous week which had a total of -3,896 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 60.4 percent. The commercials are Bearish with a score of 40.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 8.6 percent.

Article By InvestMacro – Receive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday May 9th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Platinum & Palladium

The COT metals markets speculator bets were higher this week as four out of the six metals markets we cover had higher positioning while the other two markets had lower speculator contracts.

Leading the gains for the metals was Platinum (1,397 contracts) with Palladium (797 contracts), Silver (408 contracts) and Gold (247 contracts) also recording positive weeks.

The markets with declines in speculator bets for the week were Copper (-3,123 contracts) and Steel (-314 contracts).

Copper bets slide to 32-week low as prices touch lowest since November

Highlighting the COT metals data this week is the recent bearishness for the Copper speculative positions. The large speculator position in Copper futures decreased for the third straight week this week and has now dropped in five out of the past six weeks. The slide in Copper bets has taken the current net contracts standing down to a total of -24,865 contracts. This marks the most bearish level for speculators in the past 32-weeks, dating back to last September 27th.

Overall, the Copper speculator position has now been in a bearish level for eleven out of the past thirteen weeks.

Denting the sentiment for the red metal has been the weaker than expected data out of China (including imports & inflation), which is the largest importer of Copper in the world.

The Copper front-month futures price (US Comex futures) has been on downtrend since hitting a most recent high of $4.25 per pound in January. This week saw the price fall for a fourth straight week and close at approximately 3.73 per pound while also touching the lowest price since November. Overall, the Copper price is down about 25 percent from the post-2020 high of $4.6255 per pound that was reached in March of 2022.

Strength Scores led by Platinum & Silver

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Platinum (80 percent) and Silver (64 percent) lead the metals markets this week. Steel (62 percent) comes in as the next highest in the weekly strength scores.

On the downside, Palladium (13 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Gold (63.3 percent) vs Gold previous week (63.1 percent)
Silver (64.4 percent) vs Silver previous week (63.8 percent)
Copper (6.2 percent) vs Copper previous week (9.0 percent)
Platinum (80.4 percent) vs Platinum previous week (77.2 percent)
Palladium (13.4 percent) vs Palladium previous week (6.0 percent)
Steel (61.9 percent) vs Palladium previous week (62.8 percent)

Platinum & Silver top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Platinum (41 percent) and Silver (27 percent) lead the past six weeks trends for metals.

Copper (-21 percent) leads the downside trend scores currently.

Move Statistics:
Gold (6.2 percent) vs Gold previous week (16.3 percent)
Silver (27.1 percent) vs Silver previous week (40.7 percent)
Copper (-20.9 percent) vs Copper previous week (-8.4 percent)
Platinum (40.9 percent) vs Platinum previous week (39.6 percent)
Palladium (10.3 percent) vs Palladium previous week (5.3 percent)
Steel (3.9 percent) vs Steel previous week (3.4 percent)

Individual Markets:

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week resulted in a net position of 195,814 contracts in the data reported through Tuesday. This was a weekly advance of 247 contracts from the previous week which had a total of 195,567 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 63.3 percent. The commercials are Bearish with a score of 38.0 percent and the small traders (not shown in chart) are Bearish with a score of 46.9 percent.

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week resulted in a net position of 32,360 contracts in the data reported through Tuesday. This was a weekly advance of 408 contracts from the previous week which had a total of 31,952 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 64.4 percent. The commercials are Bearish with a score of 37.9 percent and the small traders (not shown in chart) are Bearish with a score of 43.3 percent.

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week resulted in a net position of -24,865 contracts in the data reported through Tuesday. This was a weekly decrease of -3,123 contracts from the previous week which had a total of -21,742 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 6.2 percent. The commercials are Bullish-Extreme with a score of 90.2 percent and the small traders (not shown in chart) are Bullish with a score of 50.9 percent.

Platinum Futures:

The Platinum Futures large speculator standing this week resulted in a net position of 28,084 contracts in the data reported through Tuesday. This was a weekly gain of 1,397 contracts from the previous week which had a total of 26,687 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 80.4 percent. The commercials are Bearish with a score of 26.3 percent and the small traders (not shown in chart) are Bearish with a score of 27.1 percent.

Palladium Futures:

The Palladium Futures large speculator standing this week resulted in a net position of -5,647 contracts in the data reported through Tuesday. This was a weekly lift of 797 contracts from the previous week which had a total of -6,444 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 13.4 percent. The commercials are Bullish-Extreme with a score of 87.2 percent and the small traders (not shown in chart) are Bearish with a score of 22.6 percent.

Steel Futures Futures:

The Steel Futures large speculator standing this week resulted in a net position of -3,896 contracts in the data reported through Tuesday. This was a weekly decline of -314 contracts from the previous week which had a total of -3,582 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 61.9 percent. The commercials are Bearish with a score of 38.4 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.9 percent.

Article By InvestMacro – Receive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday April 25th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Platinum & Silver

The COT metals markets speculator bets were lower this week as two out of the six metals markets we cover had higher positioning while the other four markets had lower speculator contracts.

Leading the gains for the metals was Platinum (5,298 contracts) with Silver (4,008 contracts) also showing a positive week.

The markets with declines in speculator bets for the week were Copper (-25,976 contracts), Gold (-4,629 contracts), Steel (-785 contracts) and Palladium (-240 contracts) seeing lower bets on the week.

Speculators increase Platinum bullish bets to 20-week high

Highlighting the COT metals data this week is the rise in bullish bets for the Platinum speculative positions. The large speculator position in Platinum futures rose by over +5,000 contracts this week and are higher for the fourth time in the past five weeks as well as higher in six out of the past nine weeks.

A total of +20,091 contracts have been added to the net speculator position over the past five-week period, bringing the current standing to the most bullish level in twenty weeks, dating back to January 10th. Overall, the Platinum positioning has now been in bullish territory for thirty-two straight weeks.

The Platinum futures price recently hit its highest level in over a year with a high of $1102.00 on April 23rd. This marked the best level since March 9th of 2022 when prices reached all the way to $1197.00.

This week, however, Platinum gave back some of its gains and prices fell for the first time in the past five weeks and closed at the $1090.10 threshold. Despite this week’s decline, Platinum overall has risen by over twenty percent since it’s most recent low of $904 in February.

Strength Scores led by Platinum & Silver

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Platinum (84 percent) and Silver (62 percent) lead the metals markets this week.

On the downside, Palladium (11 percent) and Copper (13 percent) come in at the lowest strength level currently and are in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Gold (58.6 percent) vs Gold previous week (60.6 percent)
Silver (61.9 percent) vs Silver previous week (56.2 percent)
Copper (13.2 percent) vs Copper previous week (36.4 percent)
Platinum (83.9 percent) vs Platinum previous week (71.7 percent)
Palladium (11.3 percent) vs Palladium previous week (13.5 percent)
Steel (57.0 percent) vs Palladium previous week (59.3 percent)

Silver & Platinum top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Silver (45 percent) and Platinum (44 percent) lead the past six weeks trends for metals.

Copper (-3 percent) leads the downside trend scores currently with Steel (-2 percent) as the next market with lower trend scores.

Move Statistics:
Gold (19.8 percent) vs Gold previous week (40.2 percent)
Silver (45.4 percent) vs Silver previous week (49.1 percent)
Copper (-2.6 percent) vs Copper previous week (14.9 percent)
Platinum (44.0 percent) vs Platinum previous week (44.3 percent)
Palladium (5.5 percent) vs Palladium previous week (13.5 percent)
Steel (-2.2 percent) vs Steel previous week (-1.2 percent)

Individual Markets:

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week equaled a net position of 185,264 contracts in the data reported through Tuesday. This was a weekly fall of -4,629 contracts from the previous week which had a total of 189,893 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 58.6 percent. The commercials are Bearish with a score of 42.1 percent and the small traders (not shown in chart) are Bearish with a score of 46.8 percent.

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week equaled a net position of 30,603 contracts in the data reported through Tuesday. This was a weekly lift of 4,008 contracts from the previous week which had a total of 26,595 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 61.9 percent. The commercials are Bearish with a score of 43.6 percent and the small traders (not shown in chart) are Bearish with a score of 27.0 percent.

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week equaled a net position of -17,042 contracts in the data reported through Tuesday. This was a weekly fall of -25,976 contracts from the previous week which had a total of 8,934 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 13.2 percent. The commercials are Bullish-Extreme with a score of 80.5 percent and the small traders (not shown in chart) are Bullish with a score of 73.6 percent.

Platinum Futures:

The Platinum Futures large speculator standing this week equaled a net position of 29,617 contracts in the data reported through Tuesday. This was a weekly increase of 5,298 contracts from the previous week which had a total of 24,319 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 83.9 percent. The commercials are Bearish with a score of 22.5 percent and the small traders (not shown in chart) are Bearish with a score of 31.1 percent.

Palladium Futures:

The Palladium Futures large speculator standing this week equaled a net position of -5,877 contracts in the data reported through Tuesday. This was a weekly decline of -240 contracts from the previous week which had a total of -5,637 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 11.3 percent. The commercials are Bullish-Extreme with a score of 90.1 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 15.7 percent.

Steel Futures Futures:

The Steel Futures large speculator standing this week equaled a net position of -5,564 contracts in the data reported through Tuesday. This was a weekly lowering of -785 contracts from the previous week which had a total of -4,779 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 57.0 percent. The commercials are Bearish with a score of 43.0 percent and the small traders (not shown in chart) are Bearish with a score of 27.8 percent.

Article By InvestMacro – Receive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday April 18th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Steel & Silver

The COT metals markets speculator bets were higher this week as five out of the six metals markets we cover had higher positioning while the other one market had lower speculator contracts.

Leading the gains for the metals was Copper (13,237 contracts) with Platinum (10,986 contracts), Silver (2,877 contracts), Palladium (1,436 contracts) and Steel (329 contracts) also having positive weeks.

The market with a decline in speculator bets for the week was Gold with a drop of -2,852 contracts on the week.

Copper bets go bullish for first time since February

Highlighting the COT metals data this week is the renewed bullishness for the Copper speculative positions. The large speculator position in Copper futures rose by over +13,000 contracts this week and are higher for the third time in the past five weeks.

Copper speculative bets have now gained by a total of +23,090 contracts over the past five weeks, going from a bearish net position of -14,156 contracts on March 14th to this week’s net position of +8,934 contracts. This week was the first time that net positions crossed over into bullish territory since February and Copper’s sentiment has been helped out by China’s economic reopening which uses the metal for many types of manufacturing and industry.

The Copper front-month futures price dipped this week but has been higher in the three of the past five weeks, continuing an uptrend since bottoming in July of 2022. Copper futures have gained by approximately 25 percent since that recent bottom in July and closed this week just below the $4.00 per pound major price level.

Strength Scores led by Platinum & Gold

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Platinum (72 percent) and Gold (61 percent) lead the metals markets this week.  Steel (59 percent) comes in as the next highest in the weekly strength scores.

On the downside, Palladium (13 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent).

Strength Statistics:
Gold (60.6 percent) vs Gold previous week (61.9 percent)
Silver (56.2 percent) vs Silver previous week (52.1 percent)
Copper (36.4 percent) vs Copper previous week (24.6 percent)
Platinum (71.7 percent) vs Platinum previous week (46.4 percent)
Palladium (13.5 percent) vs Palladium previous week (0.2 percent)
Steel (59.3 percent) vs Palladium previous week (58.4 percent)

Silver & Platinum top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Silver (49 percent) and Platinum (44 percent) lead the past six weeks trends for metals. Gold (40 percent) is the next highest positive mover in the latest trends data.

Steel (-1 percent) leads the downside trend scores currently.

Move Statistics:
Gold (40.2 percent) vs Gold previous week (37.0 percent)
Silver (49.1 percent) vs Silver previous week (33.9 percent)
Copper (14.9 percent) vs Copper previous week (1.6 percent)
Platinum (44.3 percent) vs Platinum previous week (18.5 percent)
Palladium (13.5 percent) vs Palladium previous week (-9.7 percent)
Steel (-1.2 percent) vs Steel previous week (-4.1 percent)

Individual Markets:

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week was a net position of 189,893 contracts in the data reported through Tuesday. This was a weekly decline of -2,852 contracts from the previous week which had a total of 192,745 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 60.6 percent. The commercials are Bearish with a score of 40.4 percent and the small traders (not shown in chart) are Bearish with a score of 46.5 percent.

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week was a net position of 26,595 contracts in the data reported through Tuesday. This was a weekly lift of 2,877 contracts from the previous week which had a total of 23,718 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 56.2 percent. The commercials are Bearish with a score of 47.1 percent and the small traders (not shown in chart) are Bearish with a score of 33.4 percent.

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week was a net position of 8,934 contracts in the data reported through Tuesday. This was a weekly lift of 13,237 contracts from the previous week which had a total of -4,303 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 36.4 percent. The commercials are Bullish with a score of 59.6 percent and the small traders (not shown in chart) are Bullish with a score of 64.8 percent.

Platinum Futures:

The Platinum Futures large speculator standing this week was a net position of 24,319 contracts in the data reported through Tuesday. This was a weekly boost of 10,986 contracts from the previous week which had a total of 13,333 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 71.7 percent. The commercials are Bearish with a score of 35.2 percent and the small traders (not shown in chart) are Bearish with a score of 20.2 percent.

Palladium Futures:

The Palladium Futures large speculator standing this week was a net position of -5,637 contracts in the data reported through Tuesday. This was a weekly rise of 1,436 contracts from the previous week which had a total of -7,073 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 13.5 percent. The commercials are Bullish-Extreme with a score of 88.8 percent and the small traders (not shown in chart) are Bearish-Extreme with a score of 10.8 percent.

Steel Futures Futures:

The Steel Futures large speculator standing this week was a net position of -4,779 contracts in the data reported through Tuesday. This was a weekly boost of 329 contracts from the previous week which had a total of -5,108 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 59.3 percent. The commercials are Bearish with a score of 40.5 percent and the small traders (not shown in chart) are Bearish with a score of 38.5 percent.

Article By InvestMacro – Receive our weekly COT Newsletter

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting). See CFTC criteria here.